PPL Shipyard Wins $117.6 Million Rig Building Contract
PPL Shipyard, a subsidiary of SembCorp Marine, has secured a US $117.6 million contract from Mosbarron Ltd, a subsidiary of Awilco AS of Norway for the construction of a Baker Pacific Class 375 Jackup.
The contract includes an option for another three jackups with a price adjustment for possible increases in the drilling package.
The design of the jackup is a proprietary design of Baker Marine Pte Ltd, a wholly owned subsidiary of PPL Shipyard. It is designed to operate in 375 feet of water and has a drilling depth of 30,000 feet and accommodations for 120 men.
Work on the new rig is expected to commence in June 2004 with delivery scheduled in the second quarter of 2006.
Mr. T. K. Ong, Managing Director of PPL Shipyard, said "We are pleased that Mosbarron Ltd of Norway has selected our Baker Marine Pacific Class 375 Jackup design. Since the launch of our new design early this year, this is the second jackup of such design on order. With the signing of this contract, the confidence in the design and capabilities of this Pacific Class 375 Jackup could lead to more such orders for our design."
PPL Shipyard is a rig-building yard with proven track record in the building and servicing of jackups and semisubs. To-date, PPL Shipyard has built 25 jackups and 4 semisubs. In 2003, the yard delivered the first deepwater jackup to GlobalSanteFe with the second jackup recently delivered in March 2004.
Mosbarron Ltd is controlled by Awilco AS of Norway. Awilco AS has a long tradition of 40 years experience in shipping and in owning and operating offshore rigs worldwide.
The contract is not expected to have any material impact on the net tangible assets and earnings per share of SembCorp Marine for the year ending December 31, 2004.
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